Lucid Cuts EV Production Forecast After Missing Q2 Estimates

Lucid Motors lowered its 2025 vehicle production forecast after reporting second-quarter financial results that fell short of Wall Street expectations.

The California-based EV maker now expects to produce between 18,000 and 20,000 units this year, down from its earlier estimate of around 20,000. Interim CEO Marc Winterhoff cited volatility across the electric vehicle sector as a factor behind the updated guidance.

Revenue misses despite record deliveries

Lucid reported $259.4 million in Q2 revenue, slightly below analysts’ forecast of $262.6 million. The company also posted a wider-than-expected adjusted net loss of $0.28 per share, compared to the projected $0.22 loss. Despite the earnings miss, Lucid achieved its sixth consecutive quarter of delivery growth, with a 38% increase in vehicles delivered year-over-year. The company highlighted this milestone as a sign of growing consumer interest, even as financials remain under pressure.

The company’s gross margins dropped 21% for the quarter, which Lucid attributed to macroeconomic headwinds and new tariffs that raised production costs. The company’s adjusted EBITDA loss reached $632.1 million, missing analysts’ expectations of $603.6 million. Shares dropped more than 7% in early trading on Wednesday following a steeper decline in after-hours trading the previous day.

Leadership outlook and financial runway

Interim CEO Marc Winterhoff expressed confidence that Lucid would still reach the upper end of its revised production forecast. “I have never seen so many surprises within a year as this year,” he told CNBC, referring to the unpredictable market conditions facing EV makers.

Despite the challenges, Lucid ended the quarter with $4.86 billion in total liquidity. While the company continues to operate at a loss, its sizable cash reserves may help sustain development and scaling efforts, including the upcoming launch of its Gravity SUV.

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